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Economic and management sciences

Grade 6

Your own business venture

Module 12

Market reasearch, production and profitability

1. Market research

  • Before you can become an entrepreneur, you need to identify the needs that exist in your environment. You could focus on the expectations that Grade 4 to 7 learners have as far as birthday parties are concerned. You should choose a particular grade of learner; distribute a questionnaire among those learners and use the information gathered through the questionnaire to identify the existing needs.

Activity 1:

To do market research

[lo 4.2

Case study

John (12) and Annette (10) Collins are invited to parties regularly. Although being fun, parties usually cause Mrs Collins a few headaches. She has to buy a gift, make it up appropriately and decorate it, and then she still has to find an interesting card to add to the parcel. The latter usually is more expensive than the gift.

John and Annette have now thought up a brilliant idea to solve Mrs Collins’ problem: to start their own business, making decorations in general and making and selling cards.

  • To start with, you have to do some market research . This means that you have to collect information to enable you to decide whether your idea is viable. Your market is the group of people who would probably buy what you wish to sell.
  • John and Annette want to find out from the average 10 – 12 year old whether their plan is a good one – and you are going to help them.

Step 1: Use the questionnaire (Annexure).

Provide questionnaires to the group of learners that your class identified as a potential market.

Step 2: Process the information

Draw up a table with a subsection for each of the categories listed below. This will help you to identify the most popular themes.

Categories:

  • Popular decorations.
  • Popular amusement.
  • Preferred invitation.
  • Parent support (Yes/No).

Note down any other important information that you find in the completed questionnaires.

Activity 2:

[lo 4.2]

  • List the 10 most popular themes for birthday parties according to the information gleaned from the questionnaires.

Activity 3:

To design an invitation card

[lo 3.1]

  • Choose any one of the above themes and design a pop-up invitation card based on this theme. Consult books from the library to collect as many ideas as possible. Also bring invitation cards to school to determine the requirements for invitation cards.
  • Sketch the design for the card. Use colour and add adequate labels, together with the required size.

Sources consulted:

Which information should be included on an invitation card? Write this down in brief.

Activity 4:

To do research on the average price of invitation cards

[lo 3.1]

  • Do market research in at least three different shops to determine the cost of available invitation cards and types of cards. Your product will have to be better if it is going to cost more, or cheaper, if it is similar. The cards that are available on the market are referred to as the supply .

2. Making

Activity 5:

To make an invitation card

[lo 3.1]

  • Now make the card (which you designed in Activity 1.5) as well as you can. Bring it to school, exhibit it and ask your classmates to write their honest comments on a sheet of paper provided for that purpose. Incorporate the necessary changes when you make your final product.

Questions & Answers

What fields keep nano created devices from performing or assimulating ? Magnetic fields ? Are do they assimilate ?
Stoney Reply
why we need to study biomolecules, molecular biology in nanotechnology?
Adin Reply
?
Kyle
yes I'm doing my masters in nanotechnology, we are being studying all these domains as well..
Adin
why?
Adin
what school?
Kyle
biomolecules are e building blocks of every organics and inorganic materials.
Joe
anyone know any internet site where one can find nanotechnology papers?
Damian Reply
research.net
kanaga
sciencedirect big data base
Ernesto
Introduction about quantum dots in nanotechnology
Praveena Reply
what does nano mean?
Anassong Reply
nano basically means 10^(-9). nanometer is a unit to measure length.
Bharti
do you think it's worthwhile in the long term to study the effects and possibilities of nanotechnology on viral treatment?
Damian Reply
absolutely yes
Daniel
how to know photocatalytic properties of tio2 nanoparticles...what to do now
Akash Reply
it is a goid question and i want to know the answer as well
Maciej
characteristics of micro business
Abigail
for teaching engĺish at school how nano technology help us
Anassong
Do somebody tell me a best nano engineering book for beginners?
s. Reply
there is no specific books for beginners but there is book called principle of nanotechnology
NANO
what is fullerene does it is used to make bukky balls
Devang Reply
are you nano engineer ?
s.
fullerene is a bucky ball aka Carbon 60 molecule. It was name by the architect Fuller. He design the geodesic dome. it resembles a soccer ball.
Tarell
what is the actual application of fullerenes nowadays?
Damian
That is a great question Damian. best way to answer that question is to Google it. there are hundreds of applications for buck minister fullerenes, from medical to aerospace. you can also find plenty of research papers that will give you great detail on the potential applications of fullerenes.
Tarell
what is the Synthesis, properties,and applications of carbon nano chemistry
Abhijith Reply
Mostly, they use nano carbon for electronics and for materials to be strengthened.
Virgil
is Bucky paper clear?
CYNTHIA
carbon nanotubes has various application in fuel cells membrane, current research on cancer drug,and in electronics MEMS and NEMS etc
NANO
so some one know about replacing silicon atom with phosphorous in semiconductors device?
s. Reply
Yeah, it is a pain to say the least. You basically have to heat the substarte up to around 1000 degrees celcius then pass phosphene gas over top of it, which is explosive and toxic by the way, under very low pressure.
Harper
Do you know which machine is used to that process?
s.
how to fabricate graphene ink ?
SUYASH Reply
for screen printed electrodes ?
SUYASH
What is lattice structure?
s. Reply
of graphene you mean?
Ebrahim
or in general
Ebrahim
in general
s.
Graphene has a hexagonal structure
tahir
On having this app for quite a bit time, Haven't realised there's a chat room in it.
Cied
what is biological synthesis of nanoparticles
Sanket Reply
what's the easiest and fastest way to the synthesize AgNP?
Damian Reply
China
Cied
how did you get the value of 2000N.What calculations are needed to arrive at it
Smarajit Reply
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Berger describes sociologists as concerned with
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Source:  OpenStax, Economic and management sciences grade 6. OpenStax CNX. Sep 08, 2009 Download for free at http://cnx.org/content/col11013/1.1
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